Credit unions gain appeal thanks to low-cost mortgages and programs, aimed at first-time home buyers. During the 2008 financial crisis credit unions - unlike banks - increased business in the housing market. According to Bill Hampel, chief economist and chief policy officer for CUNA, "Credit unions grew their share of the mortgage market to 8.3% from 1.9%." 

CUNA asks the CFPB to push back the TRID deadline again, this time to the end of the year. The CFPB delayed the 'Know Before You Owe' mortgage disclosure rule from its original Aug. 1 effective date to Oct. 3 due to an administrative error by the Bureau.   

The importance and significance of being financially literate is essential to avoid another financial crisis. Leading up to the 2008 financial crisis, Americans were spending more than they were earning and not putting away enough money into savings. CUNA senior economist, Perc Pineda explains, "Citizens who are financially literate will have better coping mechanisms when faced with an economic slowdown."

CUNA continues to urge the CFPB to delay its TILA-RESPA rule until the end of the year. The intention of the delay is to allow "adequate time for [credit unions] to correct the inconsistency between the text of Regulation Z and the September 2014 Small Entity Compliance Guide and the supplementary information," explained Andrew Price, CUNA senior director of advocacy & counsel. 

The advantages of a personal line of credit can be a great tool, for a "temporary, stopgap substitute for emergency funds," explains Susan Tiffany, former CUNA director of consumer periodicals. It's suggested to apply for a line of credit when your finances are stable and healthy, in order to get approved and start taking advantage of it right away.  

Extending the TILA-RESPA rule to the end of the year will increase the likelyhood that credit unions make a smooth transition into the new regulatory regime. Andrew Price, CUNA senior director of advocacy & counsel said, "We believe this is appropriate given the magnitude of changes requested by the CFPB." 

Millennials make up 28% of the 100 million credit union membership for various reasons. The overarching appeal is the cooperative nature and personal approach -- the "human side of finance" -- provided by credit unions.

Those looking to improve their credit score should consider taking out a credit-builder loan. According to CUNA, about one in five credit unions offer these products. How it works: the credit union approves a low amount loan and stores it immediately into a locked interest-bearing savings account. After the member makes consistent monthly loan payments and the balance decreases, the member is granted access to the savings account. 

CU broadcast interviews CUNA president/CEO Jim Nussle on a myriad of topics including the grace period extension of the CFPB's TILA-RESPA, CUNA's member activation program and the credit union tax status.